Updating BOI Report When There Is A Revised Contact Information

Updating BOI Report When There Is A Revised Contact Information

Do I Need to File an Updated BOI Report if There Are Changes in Beneficial Owners’ Contact Information?

Yes, you need to file an Updated BOI Report if there are any changes to a beneficial owner’s information, including name, residential address, and unique ID number and image. Keeping this beneficial ownership information (BOI) up-to-date is crucial to comply with BOI reporting requirements.

A common question is whether a company is required to file an Updated BOI Report when there are changes to the contact information of a beneficial owner. This article addresses this question and guides you on how to handle these changes.

The Importance of Accurate Information for Beneficial Owners

The BOI report requires precise details of beneficial owners, including their name, home address and unique identification number. Accurate details are essential for ensuring transparency and facilitating any necessary communication from FinCEN or other regulatory bodies.

Situations Requiring Updated BOI Reporting

Changes in contact information that require an Updated BOI report include:

  • Changes in the home address of a beneficial owner.
  • Alterations in identifying documents or their numbers (passport, driver’s license or state/local/tribal ID).

If a beneficial owner obtains a new driver’s license or other identifying document that includes a changed address, or identifying number, you must file an Updated BOI report with FinCEN, including an image of the new identifying document.

Updating the BOI Report for Contact Changes

  1. Identify the Change: Regularly review the contact details of your beneficial owners – home address and unique ID number from passport, driver’s license or state/local/tribal ID.
  2. Collect the New Information: Gather the updated contact information or identification document details.
  3. File the Update: Submit an Updated BOI report within 30 days after the change. You can file an Updated BOI Report below. It is fast and easy. Three simple steps and you are done. No login or signup required.
  4. Record-Keeping: Keep a record of the changes and the corresponding Updated BOI report for compliance tracking.

Implications of Not Reporting Changes to Beneficial Owner Contact Information

It is essential to keep all information in the BOI report current and accurate.

Neglecting to update the BOI report for changes to contact information for beneficial owners can result in civil or criminal penalties. Civil penalties include fines of up to $500 for each day that the violation continues. Criminal penalties include imprisonment for up to two years and/or a fine of up to $10,000.

You should not overlook changes to contact information of beneficial owners. They constitute a significant aspect of the BOI reporting requirements. Ensuring these details are kept current is a vital part of maintaining compliance with FinCEN’s regulations.

Best Practice: Benefical owners should notify a reporting company of changes to their contact information. In addition, regularly contact beneficial owners to verify changes to their contact information including their home address and IDs, maintain records of the changes and promptly file an Updated BOI Report to report those changes within 30 days after the change occured.

If your company’s beneficial owners changed their home address or IDs, you need to update your BOI report within 30 days after the change occurrs. File your Updated BOI Report with Us. Get Started with our BOI Report tool for a fast and easy submission. Three simple steps and you are done. No login or signup required. We are the number one choice for Updated BOI Report filing.

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